Chevron Restores Domestic Gas, Partially Resumes LNG After Cyclone Damage
CVX sits 46% above its 52-week low of $132.04.
Summary
Chevron Australia has fully restored domestic gas supply to Western Australian customers and partially resumed liquefied natural gas (LNG) output at its Wheatstone facility. This positive development follows significant outages reported in late March due to Tropical Cyclone Narelle, which caused extensive damage and was expected to require several weeks for repairs. The restoration of domestic gas and the return of one LNG production train to 50% capacity signals a material step towards operational recovery for a key asset. This update mitigates some of the negative impact from the initial production disruptions. Traders should monitor further progress on the second LNG production train to assess the full return to normal operations.
At the time of this announcement, CVX was trading at $193.20 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $384.9B. The 52-week trading range was $132.04 to $214.71. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.